Circle plans to use the proceeds of this financing to build on its cardiac magnetic resonance (CMR) and cardiac computed tomography (CCT) post-processing software platform and expand its commercial footprint.

The company also recently signed a Global Licensing and Distribution Agreement with GE Healthcare.

“Circle Cardiovascular is an example of a Canadian tech company that identified a need, built a strong core team with relevant experience, and executed well,” said Martin Vetter, general partner and director of the Accelerate Fund. “We’re pleased to join BDC Capital, Epic Capital, many existing investors, and now GE Healthcare, in support of Circle’s goals to improve cardiac care and patient outcomes.”

The cmr42 cardiovascular post-processing software package contains a set of comprehensive, easy-to-use modules for viewing and analyzing cardiac MR images for both standalone and enterprise server configurations. Over 600 sites in 35 countries are already interpreting hundreds of thousands of cardiac exams annually using Circle’s software to increase diagnostic speed and accuracy, reduce cost and improve patient care.